Aussie Trading On A Stronger Footing In The Asian Session
GCI Financial | Nov 19, 2015 02:03AM ET
For the 24 hours to 23:00 GMT, the AUD weakened marginally against the USD to close at 0.7110.
LME Copper prices declined 0.66% or $31.0/MT to $4669.0/MT. Aluminium prices declined 0.62% or $9.0/MT to $1454.0/MT.
In the Asian session, at GMT0400, the pair is trading at 0.7164, with the AUD trading 0.76% higher from yesterday’s close.
Early morning data showed that the RBA foreign exchange transaction surplus dropped to a level of A$516.0 million in October, from A$712.0 million in the previous month.
Elsewhere, in China, Australia’s largest trading partner, the MNI business sentiment index declined to a level of 49.9 in November, compared to a reading of 55.6 in the previous month.
The pair is expected to find support at 0.7098, and a fall through could take it to the next support level of 0.7033. The pair is expected to find its first resistance at 0.7200, and a rise through could take it to the next resistance level of 0.7236.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
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